Tesla shares rise on report that the company is preparing to increase production in California

A Tesla Model 3 is seen in the general assembly line at the Tesla factory in Fremont, California, on Thursday, July 26, 2018.

Mason Trinca | The Washington Post | Getty Images

Tesla shares rose in premarket trading on Wednesday after a report that the electric automaker will raise output at its factory in California.

The company’s automotive president Jerome Guillen said in an email to employees that Tesla is “making preparations” to increase production, according to Bloomberg. He reportedly said Tesla “hit new records in all production lines for output and efficiency” during the second quarter of this year, while at the same time “quality is also reaching record highs.”

“While we can’t be too specific in this email, I know you will be delighted with the upcoming developments,” Guillen reportedly said.

Tesla stock rose 1.7% in premarket from Tuesday’s close of $230.06 a share.